Oct 31, 2018
CHICAGO, Oct. 31, 2018 /PRNewswire/ -- Tribune Real Estate Holdings, a subsidiary of Tribune Media Company (NYSE: TRCO), today received final approval from the Chicago City Council for a transformational riverfront development at 777 W. Chicago Avenue. The approval is the culmination of a multi-year process that included meetings with and input from city planning officials, local Alderman Walter Burnett, neighborhood businesses, and area community groups.
Together with Tribune Media's neighboring property at 700 W. Chicago Avenue, the combined site will be reimagined as The River District, a landmark urban tech-centric neighborhood that will reflect how people want to live and work. The new neighborhood extends Chicago's downtown district and establishes a natural connection between The Loop, River North, Fulton Market, and River West. Today's City Council approval of the phased development of The River District reaffirms Chicago as among the most innovative cities in the world.
"We thank Mayor Emanuel, Alderman Burnett, members of the City Council and the many community leaders and city staff with whom we have worked over the last two years to move the River District forward," said Murray McQueen, president of Tribune Real Estate Holdings. "The River District will be a dynamic new neighborhood that will transform the face of the North Branch and serve as a natural extension of Chicago's downtown, connecting neighborhoods and people. With today's approval, we can take the next steps to build an in-demand neighborhood that will help the city continue to attract and retain new jobs and talent."
Under the current plan for the site, more than 8 million square feet of mixed-use development rights will accommodate over 19,000 jobs and 4,100 residential units. More than 18,000 construction jobs are expected to be created during the build-out of the site. The current plan is expected to generate a $1.1 billion municipal tax benefit to the city over the next 20 years - approximately $60 million per year.
Benefits from the redevelopment of the property are expected to include significant infrastructure upgrades including transportation improvements, expansive publicly accessible green space and river access, and utility enhancements.
The master plan was designed by Chicago-based architects Solomon Cordwell Buenz (SCB), whose principal, Christine Carlyle, said, "We are extremely proud to be working with Tribune Real Estate Holdings on this important project, which will enhance the quality of life for Chicago residents and support Chicago's growing business sectors."
The first phase of the redevelopment of the property is expected to occur on the site's southern end, on 7 "shovel ready" acres that could support 1.5 million square feet beginning in 2020. This will include approximately 1,250-1,500 residential units along Grand Avenue, a 1.8 acre public park adjacent to the Ohio Feeder ramp and 560 feet of linear river walk. The remaining phases will be built out based on market demand and support up to an additional 7 million square feet.
Downloadable high-resolution renderings of the project can be found here. All images should be attributed to Solomon Cordwell Buenz.
Tribune Media Company (NYSE: TRCO) is home to a diverse portfolio of television and digital properties driven by quality news, entertainment and sports programming. Tribune Media is comprised of Tribune Broadcasting's 42 owned or operated local television stations reaching approximately 50 million households, national entertainment cable network WGN America, whose reach is more than 77 million households, and a variety of digital applications and websites commanding 54 million monthly unique visitors online. Tribune Media also includes Chicago's WGN-AM, the national multicast networks Antenna TV and THIS TV, and Covers Media Group, an unrivaled source of online sports betting information. Additionally, the Company owns and manages a significant number of real estate properties across the U.S. and holds a variety of investments, including a 31% interest in Television Food Network, G.P., which operates Food Network and Cooking Channel.
SOURCE Tribune Media Company
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